Gold shoots by Rs 800, Silver too observes positive sentiment

Source :Sify
Author :Finance Desk
Last Updated: Mon, Oct 12th, 2020, 12:18:06hrs
Gold Akshaya Tritiya

Mumbai/Chennai/New-Delhi: Gold rates across the country shot off.

According to rates tracked by Sify Gold, on average jewellers quoted Rs 51,125 per ten grams for the 24 Karat variant while price of 22 Karat Gold stood at Rs 48,890.

The trends remained bullish with rates turning up in a margin of Rs 840 / 10 grams for 24 Karat. For 22 Karat, the trends were up by Rs 745 per ten grams.

Rates across several cities in Maharashtra, Kerala, Andhra Pradesh, Telangana and Tamil Nadu moved in a similar fashion. Sify.com collates data from jewellers for several states and cities.

Gold futures on the MCX were up by a margin of 1.2 percent quoting Rs 51,000 per ten grams. Silver December futures quoted Rs 62,884 per kilo.

Rates on Monday shot off with a spurt in benchmark price as well as a marginal dip of the Rupee against the US Dollar.  In early session on Monday, the Rupee quoted 73.083 against the US greenback. Two trading sessions ago, the Rupee was trading at 72.96.

The international benchmark price hovered at $1,923 per troy ounce for Monday. On the spot trade, analysts and traders majorly had two points to ponder over - Strength of the US dollar from a probable stimulus and the US election. The Brexit concerns also played a part in trader sentiment which seemed to remain skewed in favour of short-term bulls.

With jewellery stores opening up sales ahead of the crucial Navratri season seems positive. Last week, Titan reported the jewellery business was doing brisk recovery.